There are many good reasons to get life insurance even if you are well into your silver-years and already retired. Getting good coverage at that stage will require that the policyholder pay some expensive premiums, but the benefits provided by life insurance for the elderly may well be worth the monthly cost.
For example, many insurance policies double as investment funds, allowing you to profit from paying your premiums in the long term. Many policies also offer a wide array of living benefits, which may allow you to cash out some of the coverage if you develop a major health condition, and may pay out part of the policy holder’s benefit if they are diagnosed with a terminal condition. Life insurance may also cover funeral costs, should the policyholder pass away. It all depends on what is in the fine print.
Finally, not all elderly people are retired. They might have dependents, or a company that relies on them, which is why life insurance for business owners is useful, regardless of their age.